The market is likely to experience steady growth in the forthcoming years owing to rapid technological innovations in the portability and design of the devices. The alarming rise in the incidence of respiratory diseases and chronic obstructive pulmonary disease (COPD) is one of the key factors driving the global market for mechanical ventilators.
As per a report by Transparency Market Research (TMR), the global mechanical ventilators market was valued at US$1.1 bn in 2015 and is expected to rise to US$1.8 bn by the end of 2024, expanding at a CAGR of 5.5% between 2016 and 2024.
High Cost of Mechanical Ventilators to Hamper Growth Prospects
The increasing demand for long-term ventilation in home-care settings is fuelling the demand for the portable and transport mechanical ventilators, which in turn is propelling the growth of the overall market. On the other hand, due to high cost, the demand for these ventilators is low amongst manufacturers facing budgetary constraints. Moreover, the increasing awareness regarding injuries associated with the prolonged use of ventilators is hampering the large-scale adoption of these ventilators. These factors, collectively, are hampering the growth of the global mechanical ventilators market.
North America to Remain Front-runner, Asia Pacific to Expand at Promising Pace
Geographically, North America is anticipated to command for the leading share in terms of revenue in the global mechanical ventilators market throughout the forecast period. The region is estimated to account for 39.7% of the overall market by 2024. The rising prevalence of respiratory disorders, high level of healthcare awareness, availability of favorable reimbursement policies, and the increasing demand for improved advanced healthcare solutions are contributing to the growth of this region.
However, due to rising awareness regarding the availability of advanced ventilation solutions and growing per capita income, the Asia Pacific market for mechanical ventilators is expected to rise at a significant CAGR of 6.6% from 2016 to 2024. Moreover, the increasing healthcare expenditure and improving healthcare infrastructure in emerging economies such as India, Thailand, and China are fuelling the growth of this region.